Trump Approves Erebor Bank to Replace Silicon Valley Bank in Ohio
Erebor Bank, based in Columbus, Ohio, aims to support founders and startups in crypto, AI, and defense sectors. With an initial capital of $635 million, it seeks to facilitate financing within a structured economic development plan, potentially filling the gap left by the collapsed Silicon Valley Bank in March 2023. Palmer Luckey will serve on the Board. The initiative aligns with a broader revitalization of America's industrial landscape.
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Erebor Bank has been approved by Trump and will be located in Columbus, Ohio, where Anduril has invested in AI drone production and expanding data centers. The bank will focus on providing funding to founders and startups in the crypto, AI, and defense industries, with an initial capital of $635 million.
It is positioned to replace the Silicon Valley Bank, which collapsed in March 2023. Palmer Luckey will sit on the Board, although he will not hold an operational role. This initiative is part of a revitalization effort for America's industrial sector.
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